News

Lower Prices Plague U.S. Housing Market

The July 2018 Elliott Wave Theorist showed this chart of U.S. real estate prices [wave labels available to subscribers] and said:

RealEstatePrices

Another wave of falling prices dead ahead.

Sure enough, a Dec. 30 CNBC headline reads:

A new report says New York City's real estate downturn is deepening

Then, on Jan. 2, CNBC had another real estate article that discussed the entire country:

It looks like 2019 could be a buyer's market in real estate, but that's not necessarily a good sign for the economy.

Home prices, while still higher than a year ago, are pulling back in most major markets, according to a report released [Jan. 2]. Values in November were 5.1 percent higher compared with November 2017, CoreLogic said. That is down from the 5.4 percent annual gain seen in October. CoreLogic is now projecting a smaller, 4.8 percent gain in November 2019.

The decline in asking prices comes as sellers face a new reality of higher interest rates and affordability worries among potential buyers.

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